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June 22, 2023
After closing at $0.5 today, XRP opened today at $0.5, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, XRP retains a distinct $0.491 to $0.523 daily range.
Ripple could begin to recover as it approaches significant support, now 1 cents away from $0.492. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, XRP peaked above its 21 day Simple Moving Average around $0.508 — typically an early indicator of a new bullish trend beginning to emerge. XRP's lower Bollinger Band® is at $0.467, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Despite this, price action remains constrained around the key Fibonacci level of $0.492 currently serving as support. If price action breaks below, the next Fib hurdle is $0.479.
Overall, looking at the technical analysis landscape, it seems Ripple might start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Binance Coin is down to $242.58, losing $6.42, after closing at $249 in the preceding trading session. Solana is down to $16.75, losing $0.497, after closing at $17.25 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token added 9.54% to its value, now trading at $1.36.
This year has been a bright one for Ripple after trading as low as $0.311 and going on to appreciate by 46.78% year to date. Ripple has a market cap of 25.81 billion with an average daily volume of 1.28 billion.
